The telecom industry in general and Nortel in particular are facing an enduring prospect of low growth.

There is a very high growth of new companies, which are backed by venture capitalists [and] are starting out as software-as-a-service companies. Also, there are vendors like SAP that offered a traditional license that are moving to hosted offerings.

There is a very high growth of new companies, which are backed by venture capitalists (and) are starting out as software-as-a-service companies. Also, there are vendors like SAP that offered a traditional license that are moving to hosted offerings.

We are cautious about growth in Europe in 2003,

It brought a reliable, safe and economical supply of electricity to the area, which allowed additional growth and industry here in this corner of South Carolina.

I think the story is going to be: revenues are fine, margins are not great, what do we do to make our cost structure work better? They haven't got a lot of options.